European taxonomy: green investment criteria still do not meet the challenges of the Green Deal
French MEP Christophe Grudler (MoDem), Vice-Coordinator of the Renew Europe group in the Industry, Research and Energy Committee (ITRE), reacted to the second draft of the delegated act on the classification of green investments submitted by the European Commission on Saturday. The first draft had been withdrawn following almost 46,000 responses to its public consultation. A delegated act modifies an EU law to reflect developments in a particular sector or to ensure that it is implemented properly.
Christophe Grudler welcomed the readjustment of the CO2 emission threshold for hydrogen following criticism of the first draft: "This new threshold will make it possible to facilitate the development of electrolysis in countries such as France or Sweden, which benefit from an electricity mix that is already largely decarbonised and which can be used to produce low-carbon hydrogen."
Nevertheless, he expressed concerns about several inconsistencies, notably when it comes to energy and transport: "The European Commission still excludes nuclear power from sustainable investments, going against its own climate neutrality scenarios, which foresee a significant share of nuclear energy in the make-up of European energy in 2050."
He also regrets the unequal treatment of renewable energies such as solar and hydro. "The Commission is choosing to favour certain energy sources over others, completely ignoring their real life cycle CO2 emissions. No emission threshold is indicated for photovoltaics, even though it emits on average four times more CO2 than nuclear or wind power during its life cycle!".
Finally, he pointed out that low-carbon aviation is still excluded from green investments, even though investment in this field would allow a significant reduction in emissions from the air transport sector.
"The European approach to sustainable finance has the potential to be a real revolution and can put the EU at the international forefront of the fight against climate change. Our biggest economic partners are already taking a close interest in our regulatory framework on sustainable finance. We must lead the way. "
Déçu de la nouvelle #taxonomie sur les investissements verts, qui est en contradiction totale avec le #GreenDeal :— Christophe GRUDLER (@GrudlerCh) March 22, 2021
⁃ gaz fossile : inclus ✅ 🤔
⁃ nucléaire (0 carbone) : exclu ❌🤔
⁃ investissements dans l’aviation verte : exclu ❌🤔
Mon CP ⤵️#EUTaxonomy pic.twitter.com/VoC7d8qrRg
La Commission présente auj. son projet de #Taxonomie aux experts nationaux : dernière étape avant que le Parlement et le Conseil se prononcent sur le texte 🗳@EU_Commission il faut rectifier le tir et proposer une classification cohérente avec nos ambitions climatiques !— Christophe GRUDLER (@GrudlerCh) March 24, 2021